Intel event: What the analysts said

SAN JOSE, Calif. -- Intel Corp. hosted its analyst day on Tuesday. The chip
maker addressed several subjects. In various reports, here's what analysts said
about Intel following the event:

Intel's PC growth projections

Craig Berger, an analyst with FBR, said: ''(Intel) management said PC unit
volumes will grow at a 15 percent CAGR in the coming years as China and India
drive overall market growth. Management said CPUs are a growth market,
especially as handheld computing, TV computing, and other new usage models
spring up. As such, management committed to growing revenues and EPS at 10
percent per year or better over the next few years.''

Hans Mosesmann, an analyst with Raymond James & Associates Inc., said:
''CEO Paul Otellini raised the next few years’ guidance to double-digit revenue
and EPS growth. Talk about eyebrow-raising comments. Some are convinced Intel
can’t grow double digits next year much less in the next few years.''

FTC antitrust actions

Craig Berger, an analyst with FBR, said: ''The FTC brought antitrust actions
against Intel last November, and we believe this action is somewhat of an
overhang on the stock and for management as it works out market strategies to
continue to be an aggressive CPU, GPU, and chipset competitor. Regarding the
FTC's legal case, we generally find litigation such as this to be expensive and
distracting.''

Thoughts on Atom

Craig Berger, an analyst with FBR, said: ''Intel is aggressively ramping its
Atom offering to target handhelds, tablets, connected-TVs, automobiles,
industrial applications, and other applications. We question whether Intel's
efforts will work, and we note Intel has a long track record of poor performance
in penetrating new markets outside of the PC market. We note Intel's failed
efforts in handset chips (Xscale), optical chips (Giga), Wi-Fi chips (ramping
down efforts there), networking chips, TV processor chips (Oplus), and others.''

Daniel Amir, an analyst with Lazard Capital Markets, said: ''We see the
primary focus for the near term with Atom in netbooks (which should generate
$1.4 billion-plus in 2010), STBs and possibly tablets. We also expect a major
announcement in the TV space later this year. In addition, the smartphone market
with Moorestown could be exciting in 2011.''

x86 Atom vs. ARM

Doug Freedman, an analyst with Broadpoint AmTech, said: ''What we did not
hear was a detailed technical description as to why x86 atom class products will
meet or beat ARM-based products in the low-power race. To calm the bear thesis,
we feel that Intel (with a ramping Atom SoC focus into more C.E. products) could
have probably touched on competiveness vs. ARM, particularly as ARM moves up
from smartphones into larger notebook type form factors.''

Dunham Winoto, an analyst with Avian Securities LLC, said: ''In order to save
on capex dollars while still allowing it to maintain investments in leading edge
capacity, even Intel has to develop a rigorous process to maximize (as much as
80 percent) reusability of its equipment for the next process node, which is
pretty impressive to us. The equipment reuse rate is even higher at 22-nm than
at 32-nm.''